Home » News » Marketing news » OTM reaches 8,500 paying agents but new branch recruitment flatlines
Marketing news

OTM reaches 8,500 paying agents but new branch recruitment flatlines

Portal makes further progress signing up more agents to paying customers after offering cheaper, shorter-term deals.

Nigel Lewis

onthemarket

OnTheMarket says it has signed up an extra 654 agents to be paying customers since its most recent trading update in September, taking the total signed up since it floated in February 2018 to just over 3,000.

This is in additional to the existing 5,500 branches who were already paying agents prior to its stock exchange debut.

Added together it means that nearly 70% of its listing agents are now paying customers, many of whom have been persuaded to start paying after OTM began offering shorter-term deals at £207 a month.

Published figures from OnTheMarket also show that recruitment of agents to its service whether on freebie deals or as paying customers has plateaued; it’s total branch count has stuck at approximately 12,500 since its update in September, or 62% of the 20,000 sales and lettings branches in the UK.

At the time of its IPO the company had 5,500 listing branches.

Ian Springett onthemarket“I am very pleased to be reporting this milestone of adding over 3,000 agent offices to paying contracts,” says Ian Springett (left).

“This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.

“The ongoing growth in the number of branches under paying contracts is key to the Group’s transition into profitability.

“Agent backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.”

Read more about OTM.

 

December 10, 2019

What's your opinion?

Please note: This is a site for professional discussion. Comments will carry your full name and company.

This site uses Akismet to reduce spam. Learn how your comment data is processed.